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April 10, 2024
Question

Can a co-borrower of student loans claim the interest he paid?

  • April 10, 2024
  • 2 replies
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I have the documentation of my payments from the lenders to account for my payments.

2 replies

Hal_Al
Employee
April 10, 2024

Q. Can a co-borrower of student loans claim the interest he paid?

A. Yes. 

You can claim the interest deduction, if you meet the three requirements:

  1. You paid the interest
  2. You are legally obligated to pay it (co-signing counts)
  3. The student was your dependent, at the time the loan was used to pay for qualified educational expenses
KrisD15
April 10, 2024

Yes, according to the IRS: page 34

“Generally, you can claim the deduction if all of the following requirements are met. 

• Your filing status is any filing status except married filing separately. 

• No one else is claiming you as a dependent on their tax return. 

• You are legally obligated to pay interest on a qualified student loan. 

• You paid interest on a qualified student loan.”

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